We had the good fortune of connecting with Kumar Patel and we’ve shared our conversation below.
Hi Kumar, we’d love to hear about how you approach risk and risk-taking
Risk is a part of life. Humans have come up with a numerical value and labeled it as “odds.” When the odds are against you, it’s deemed “risky.” Most people consider skydiving to be very risky…but if you look closely, the odds of you dying are only 1 in 100,000. However, the chances of getting in an accident every time you drive are about 2 in 100. So, to put it in perspective, driving is riskier than skydiving. “90% of new startups fail. 75% of venture-backed startups fail. Under 50% of businesses make it to their fifth year. 33% of startups make it to the 10-year mark.” – Forbes. It’s about using the data to put the risk in perspective – and the data can range from general market research to case studies to a conversation with an industry veteran. The goal is to find things that work to reduce the risk. We don’t stop driving – so I don’t expect to stop driving my company forward. I embrace the risk by learning, understanding, educating, and implementing new theories. This is how you turn the odds in your favor and keep innovating.
Alright, so for those in our community who might not be familiar with your business, can you tell us more?
At Omnidya, we’re on a mission to change the insurance industry’s outdated core to serve modern consumers better. Powered by artificial intelligence, our automated end-to-end digital insurance platform eliminates excess overhead. On top of that, our proprietary devices’ unique data attributes will enable us to be the first to execute a risk avoidance model. We’re taking a data-driven approach that includes analyzing and acting on real-time information. I started day/swing trading when I was 18 to pay my college bills. Now, I’ve been actively trading for the past 14 years and have learned the art of understanding financial markets and trends. I studied law – but after working as a law clerk, I realized that becoming an attorney wasn’t for me, but I stuck around to get my degree knowing that the knowledge will come in handy someday. But with the earnings from trading, I was able to invest in various sectors and expose myself to various new learning opportunities. I then went on to consult and have held positions within various top-performing corporations in California. I’ve learned some good lessons in my (relatively short) life so far. I strongly believe that failures shape us. I lost money when I first started trading, lost money in real-estate deals, lost money investing in a bad management team, lost time and effort trying to save a failing organization with horrible management – but through all of those experiences, I’ve learned a lot. When I started Omnidya, I surrounded myself with people who say “no” and have a lot more life experience than I do. This – in my opinion – will help Omnidya become a household name.
If you had a friend visiting you, what are some of the local spots you’d want to take them around to?
This one is tough…living in southern California makes it especially hard to answer this question. As a car enthusiast and art lover, I would start the weekend with a Petersen Automotive Museum visit. Then, walk across the street to LACMA and grab lunch at one of the many famous restaurants in the West Hollywood/Beverly Hills area. There are tons of rooftop bars where you can enjoy the City of Angels’ weather and beauty. Another ideal day would be to drive down the PCH and stop by a golf course to play a round, then grab a brew at Ballast Point overlooking the ocean in Long Beach. One of the best experiences in LA is to explore different hotel lobbies to grab a drink. The Proper Hotel in Santa Monica is my favorite at the moment where no two chairs are the same. I could keep going…
Who else deserves some credit and recognition?
Various leaders have inspired my personality and views. Satya Nadella, CEO of Microsoft, is up there for me. Although I’m not as successful as him, his life values are something I admire. In his book, he writes about how empathy will be more important than ever as we speed forward into an ever more digital world. There are many reasons why I wouldn’t want to be like Steve Jobs, but I do admire how he relentlessly chased his vision. People can steal ideas, but one’s thinking limits ideas…vision is something that can never be copied or stolen. In my opinion, he was successful because he never compromised his vision to make investors or co-workers happy. I can attribute aspects of my personality to numerous people to – but in my eyes, no one is perfect. So, I try to take the best qualities I see in other leaders and try to implement them in my life. Does it always work? Heck no…but I try.